The Different Types of Financial Institutions
The National Bank Act of 1864 established the national banking system in the United States.4 The Act still governs U.S. national banks even though Congress has updated it many times since 1864. Understanding the types of organizations that are considered financial institutions is important to understanding how the national banking system works. Most people know that financial institutions include banks and credit unions. Other organizations that provide financial services to customers include:
- Savings and loan associations
- Finance companies
- Insurance companies
- Investment companies
Several laws also define the types of organizations that are considered financial institutions. For example, the Fair ...
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